ABSTRACT
The embarrassed condition of the Treasury, occasioned by injudicious tampering with the long-sanctioned and settled policy of the Government, compelled the administration of Mr. Buchanan to admit the necessity of borrowing money in order to save the public credit, which the measures established and persistently adhered to by the supporters of free trade had seriously imperiled. In January the Secretary offered another loan of $5,000,000, and received bids varying from eight and three-fourths to eleven percent discount. To trace in detail the effects of these last named acts, upon the National Treasury and the credit of the Government, would involve inquiries not at all necessary, in as much as people are now so immediately in their presence, that those who do not see them must intentionally shut their eyes. The amount of importations and, consequently, the receipts from customs must depend upon the value of the commerce carried on - being more or less as that shall increase or diminish.
